I liked the first one just because of how new and amazing it was. The awesome fight scenes, the innovative story, the never-before-seen "bullet time" effect. I found -nothing- wrong with it.
I liked the second one for the fighting, but everything about the second one was in excess. There's like a 5 minute long scene, all in bullet time, talk about overdoing it. The novelty of "the One" was kind of fading. I liked the 100 Agent Smith battle but when they got to the Chateau and they just kept pulling those weapons off the wall...bleh, I was getting bored. Morpheus was the man though, as was Seraph.
The ending just sort of made me go "meh." I enjoyed the fighting while it was on the ground. That "upside down" lobby scene was just stupid, though. What's cool about people that walk on the ceiling? Seriously. What were they thinking? I also hate how Smith completely lost his image, practically turning into a joke by the end... ah well.